Krung Thai Bank (KTB TB) - RHB OSK Securities (Thailand)

Results Review, 22 January 2015
Krung Thai Bank (KTB TB)
Neutral (from Buy)
Financial Services - Banks
Market Cap: USD9,527m
Target Price:
Price:
THB24.40
THB22.20
Macro
Risks
4Q14 Dampened By Higher Provisions And Opex
Growth
Value
Krung Thai Bank Plc (KTB TB)
Relative to Stock Exchange of Thailand Index (RHS)
116
22.0
113
21.0
110
20.0
107
19.0
104
18.0
101
17.0
98
16.0
95
15.0
180
160
140
120
100
80
60
40
20
92
Sep-14
Jul-14
Nov-14
119
23.0
May-14
122
24.0
Mar-14
25.0
Jan-14
Vol m
Price Close
0
0
.
2
0
0
FY14 earnings dipped 4% YoY, mainly on higher opex and provisions. .
0
Downgrade to NEUTRAL and TP to THB24.40 (from THB26.00), implying 0
9.9% upside, as we trim FY15F-16F net profit by 5-6%. We see rising 0
risks
of
slower-than-expected
progress
in
government-led
infrastructure projects and weak exports. Having risen 38% in 2014
despite modest earnings growth, we believe the stock price is
vulnerable to potential earnings disappointments.



Source: Bloomberg
Avg Turnover (THB/USD)
Cons. Upside (%)
Upside (%)
52-wk Price low/high (THB)
Free float (%)
Share outstanding (m)
Shareholders (%)
804m/24.5m
18.0
9.9
16.5 - 24.4
45
13,976
Financial Institution Dev. Fund
State Street Bank Europe Ltd
Thai NVDR
55.1
4.8
4.7
Share Performance (%)
YTD
1m
3m
6m
12m
Absolute
(2.2)
(4.3)
(3.9)
(0.9)
31.4
Relative
(4.7)
(5.7)
(4.5)
(0.7)
12.7
Shariah compliant


FY14 results in line. Krung Thai Bank (KTB) reported net profit of
THB8.02bn (-14% QoQ) for 4Q14 and THB33.2bn (-4% YoY) for FY14,
which is within market and our expectations.
4Q14 pre-tax profit fell 17%. This was mainly on: i) a 31% QoQ jump in
impairment charges to THB3.69bn that pushed annualised credit cost to
80bps (3Q14: 63bps), and ii) a 13% QoQ increase in opex that lifted
cost-to-income ratio to 46.9% (3Q14: 42%). Operating income grew a
modest 1% QoQ as a 5% QoQ rise in non-interest income (net fee
income +7% QoQ) was moderated by flattish net interest income of
THB17.47bn – loans grew 5% QoQ but net interest margin (NIM)
dropped 12bps QoQ on a 13% QoQ surge in deposits.
Sharp drop in 4Q14 non-performing loans (NPLs). Gross NPLs,
which rose 19.5% YTD to THB67.75bn in Sep 2014, fell 17% QoQ to
THB56.18bn in Dec 2014. KTB ended 2014 with a small 1% uptick in
NPLs. We believe the decline in 4Q14 NPLs was a result of write-offs (as
reflected in a spike in 4Q14 provisions) and recoveries. Gross NPL ratio
fell to 2.96% (Sep 2014: 3.76%). Loan loss reserves improved to 127%.
FY15-16F earnings cut by 5-6%. This is because we lowered
assumptions on loan growth, NIM and non-interest income. We see
rising risks of further delays in roll-out of infrastructure projects while
recovery in export sector appears elusive. This ought to exert pressure
on KTB’s small and medium enterprise (SME) and retail customers.
Downgrade to NEUTRAL (from BUY) with GGM-based TP lowered to
THB24.40 (from THB26.00). This implies FY15F P/BV of 1.35x. With
stock having risen 38% last year, we believe price performance will be
vulnerable to potential earnings disappointments.
Forecasts and Valuations
Dec-13
Dec-14
Dec-15F
Dec-16F
Dec-17F
Net interest income (THBm)
64,481
69,302
73,595
79,020
84,820
Reported net profit (THBm)
34,511
33,196
36,414
40,832
45,375
47.7
(3.8)
9.7
12.1
11.1
34,511
33,196
36,414
40,832
45,375
Recurring EPS (THB)
2.47
2.37
2.60
2.92
3.03
DPS (THB)
0.88
0.95
1.05
1.15
1.20
Recurring P/E (x)
8.99
9.35
8.52
7.60
7.33
P/B (x)
1.51
1.34
1.23
1.12
1.09
4.0
4.3
4.7
5.2
5.4
Return on average equity (%)
17.7
15.1
15.1
15.5
15.6
Return on average assets (%)
1.4
1.3
1.3
1.4
1.4
(2.8)
(4.0)
0.0
Net profit growth (%)
Recurring net profit (THBm)
Veena Naidu + 66 2862 9752
[email protected]
Thanapol Withayaruksun (Research Assistant)
(Research
Assistant)
Fiona
Leong
+603 9207 7638
[email protected]


2

.
2
0
.
2




Dividend Yield (%)
Our vs consensus EPS (adjusted) (%)
Source: Company data, RHB
See important disclosures at the end of this report
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1
Krung Thai Bank (KTB TB)
22 January 2015
4Q14 Results At a Glance
Figure 1: KTB’s 4Q14 results highlights
FYE Dec (THB bn)
4Q13
3Q14
4Q14
Net interest income
17.39
17.49
17.47
2.93%
2.86%
2.74%
9.45
6.90
7.26
35.2%
28.3%
29.4%
26.84
24.39
(10.88)
Cost-Income Ratio (%)
Pre-Impairment profit
Impairment charges
Net interest margin (%)
Non-interest income
Non-II/total income (%)
Operating income
Overhead expenses
Credit cost - annualised
(bps)
Pretax profit
QoQ
(%)
(0)
YoY
(%)
0
FY13
FY14
64.48
69.30
2.83%
2.76%
29.85
27.91
31.6%
28.7%
YoY
(%)
7
(23)
24.73
1
(8)
94.33
97.21
3
(10.25)
(11.60)
13
7
(39.59)
(43.63)
10
40.5%
42.0%
46.9%
42.0%
44.9%
15.96
14.14
13.13
(7)
(18)
54.74
53.58
(2)
(3.14)
(2.82)
(3.69)
31
18
(12.31)
(13.66)
11
74
63
80
76
76
12.82
11.31
9.43
42.43
39.92
(26)
Growth underpinned by 11% YoY
increase in loans but moderated by NIM
slippages of 7bps.
NIM fell 7bps YoY mainly due to rise in
funding cost on the back of a 14% QoQ
surge in deposits in 4Q14.
5
(17)
Comments – FY14 vs FY13
(7)
Lower due to the 79% YoY drop in
dividend income to THB425m following
maturity of its investment in Vayupaksa
Fund 1 at end-2013 and 30% YoY
decline in investment gains to THB4bn.
Up mainly on higher staff cost (+6% YoY)
and other expenses (+29% YoY), which
comprised largely marketing and
promotion expenses.
Bumped up by an increase in its monthly
provision to THB700m from THB500m in
2Q14 and THB3bn in additional
impairment allowances.
Annualised credit cost is in line with
management’s guidance.
(6)
Growth moderated by the higher
operating expenses and impairment
charges.
Tax
(2.40)
(1.98)
(1.41)
(7.92)
(6.72)
Effective tax rate (%)
18.7%
17.5%
15.0%
18.7%
16.8%
Minority interest
(0.00)
0.00
(0.00)
(0.00)
(0.00)
Net Profit
10.42
9.33
8.02
(14)
(23)
34.51
33.20
(4)
In line with our forecast of THB32.83bn
and consensus estimate of THB33.63bn.
Other key data and ratios
Gross loans
1,711
1,801
1,898
5
11
1,711
1,898
11
Increased on broad-based growth in all
customer segments. Loan growth was
ahead of management’s target of 5-7%
for 2014.
Customer deposits
1,884
1,903
2,152
13
14
1,884
2,152
14
YoY growth was driven mainly by a
deposit campaign in 4Q14 that led to a
13% QoQ jump in deposits.
Gross non-performing
loans
56.74
67.75
56.18
(17)
(1)
56.74
56.18
(1)
The 17% QoQ decline in NPLs in 4Q14
led to a 1% YoY reduction when
compared against Dec 2013. We believe
this was mainly due to write-offs of
impaired loans.
Total assets
2,507
2,557
2,739
7
9
2,507
2,739
9
206.09
223.59
232.15
4
13
206.09
232.15
13
ROAA (%)
1.69
1.48
1.21
1.45
1.27
ROAE (%)
20.6
17.1
14.1
17.7
15.1
LDR (%)
90.8
94.6
88.2
90.8
88.2
Gross NPL ratio (%)
3.32
3.76
2.96
3.32
2.96
Loan loss reserves (%)
109.6
107.8
126.9
110.7
126.6
Tier-1 capital ratio (%)
10.64
10.71
10.60
10.64
10.60
Total capital ratio (%)
16.24
15.85
15.68
16.24
15.68
Shareholders' funds
Declined in tandem with reduction in
absolute NPLs.
A 15% YoY rise in impairment
allowances lifted loan loss coverage to
127%.
Source: Company data, RHB
See important disclosures at the end of this report
2
Krung Thai Bank (KTB TB)
22 January 2015
Figure 2: KTB’s quarterly results trend
FYE Dec (THB bn)
1Q13
Net interest income
Net interest margin (%)
Cost-income ratio (%)
4Q13
1Q14
2Q14
3Q14
4Q14
15.02
15.70
16.37
17.39
16.82
17.53
17.49
17.47
2.76%
2.83%
2.93%
2.77%
2.89%
2.86%
2.74%
7.40
5.79
7.21
9.45
6.53
7.22
6.90
7.26
33.0%
26.9%
30.6%
35.2%
28.0%
29.2%
28.3%
29.4%
22.43
21.49
23.58
26.84
23.35
24.74
24.39
24.73
Operating income
Overhead expenses
3Q13
2.72%
Non-interest income
Non-II/total income (%)
2Q13
(10.31)
(9.09)
(9.31)
(10.88)
(11.49)
(10.30)
(10.25)
(11.60)
46.0%
42.3%
39.5%
40.5%
49.2%
41.6%
42.0%
46.9%
Pre-impairment profit
12.12
12.40
14.26
15.96
11.86
14.45
14.14
13.13
Impairment allowance
(1.62)
(4.15)
(3.41)
(3.14)
(1.78)
(5.36)
(2.82)
(3.69)
41
102
82
74
41
120
63
80
Credit cost - annualised (bps)
Pretax profit
10.50
8.26
10.85
12.82
10.09
9.08
11.31
9.43
Tax
(1.95)
(1.68)
(1.89)
(2.40)
(1.79)
(1.54)
(1.98)
(1.41)
Effective tax rate (%)
18.6%
20.3%
17.4%
18.7%
17.8%
17.0%
17.5%
15.0%
-
-
-
(0.00)
-
-
0.00
(0.00)
8.55
6.58
8.96
10.42
8.30
7.54
9.33
8.02
Minority interest
Net profit
Source: Company data, RHB
Figure 3: KTB’s quarterly pre-impairment operating profit
(THB bn)
18.0
15.96
16.0
14.0
14.45
14.26
12.12
12.40
1Q13
2Q13
14.14
13.13
11.86
12.0
10.0
8.0
6.0
4.0
2.0
0.0
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
Source: Company data, RHB
Revisions to earnings forecasts
Given slower-than-expected progress in government-led infrastructure projects and
slow recovery in the export sector, we downgrade our net profit estimates by 5-6% for
FY15-16 after: i) lowering our loan growth assumptions to 6%/8.5% for FY15-16 from
12%/11% respectively, ii) factoring NIM compression from higher deposit costs, and
iii) lower non-interest income growth.
We now expect earnings to grow by 10% (instead of 17%) in FY15 and 12% (instead
of 13%) in FY16. We have also introduced FY17 earnings estimates.
Figure 4: KTB - revisions to earnings forecasts
FYE 31 Dec
Net Profit (THB m)
Prev.
Revised % Chg
2015F
38,437
36,414
(5.3)
2.75
2.60
(5.3)
1.12
1.05
2016F
43,510
40,832
(6.2)
2.90
2.92
0.6
1.20
1.15
2017F
new
45,375
new
3.03
n.m.
new
1.20
n.m.
Prev.
FD EPS (THB)
Revised % Chg
Prev.
DPS (THB)
Revised % Chg
(6.2)
(4.2)
n.m.
Source: RHB
See important disclosures at the end of this report
3
Krung Thai Bank (KTB TB)
22 January 2015
Valuation
The downward revision in earnings led to a lower TP of THB24.40 (from THB26.00)
as ROE assumption used in the GGM was lowered to 15.4% from 15.8% while
weighted average cost of capital was a higher 12.8% (from 12.6%). Long-term growth
assumption was maintained at 5.5%.
Our revised TP implies a FY15F P/BV of 1.35x (historical mean: 1.2x) and a FY15F
P/E of 9.4x (historical mean: 8.8x).
Risks
Downside risks that could impede the stock from reaching our TP are: i) potential
delays in the execution of approved infrastructure projects, ii) a sharper-thanexpected decline in NIM should the bank’s strategy to rebalance its loans mix prove
unsuccessful, and iii) sharper-than-expected deterioration in asset quality, which
would result in higher credit cost.
Figure 5: KTB’s 12-mth forward consensus P/Es
25.0x
Fwd PER
Mean
+1 sd
Figure 6: KTB’s 12-mth forward consensus P/BVs
2.0x
-1 sd
Fwd PBV
Mean
+1 sd
-1 sd
25.0
ROE (% RHS)
1.8x
20.0x
20.0
1.6x
1.5x
1.4x
15.0x
1.0x
10.0x
15.0
1.2x
1.2x
12.6x
0.9x
8.8x
10.0
0.8x
4.9x
5.0x
0.6x
5.0
0.4x
See important disclosures at the end of this report
Jul-14
Jan-15
Jul-13
Jan-14
Jul-12
Jan-13
Jul-11
Jan-12
Jul-10
Jan-11
Jul-09
Jan-10
Jul-08
Jan-09
Jul-07
Jan-08
Jul-06
Jan-07
Jul-05
Jan-06
Jul-04
Jan-05
-
Jan-04
Jul-14
Jan-15
Jul-13
Jan-14
Jul-12
Jan-13
Jul-11
Source: Bloomberg, RHB
Jan-12
Jul-10
Jan-11
Jul-09
Jan-10
Jul-08
Jan-09
Jul-07
Jan-08
Jul-06
Jan-07
Jul-05
Jan-06
Jul-04
Jan-05
0.2x
Jan-04
0.0x
Source: Bloomberg, RHB
4
Krung Thai Bank (KTB TB)
22 January 2015
Financial Exhibits
Profit & Loss (THBm)
Dec-13
Dec-14
Dec-15F
Dec-16F
Dec-17F
Interest income
111,403
118,625
128,030
137,120
147,770
Interest expense
(46,921)
(49,323)
(54,435)
(58,100)
(62,950)
Net interest income
64,481
69,302
73,595
79,020
84,820
Non interest income
29,849
27,908
30,968
34,136
37,500
Total other income
29,849
27,908
30,968
34,136
37,500
Total operating income
94,331
97,210
104,563
113,156
122,320
(39,586)
(43,632)
(46,341)
(48,960)
(51,620)
54,745
53,578
58,222
64,196
70,700
(39,586)
(43,632)
(46,341)
(48,960)
(51,620)
Total costs x depn & amortn
Operating EBITDA
Total costs
Operating profit
54,745
53,578
58,222
64,196
70,700
(12,311)
(13,658)
(14,350)
(15,000)
(15,700)
Post-provision operating profit
42,434
39,921
43,872
49,196
55,000
Pre-tax profit
42,434
39,921
43,872
49,196
55,000
Taxation
(7,923)
(6,725)
(7,458)
(8,363)
(9,625)
Profit after tax
34,511
33,196
36,414
40,832
45,375
Total provision charges
Minority interests
(0)
(0)
(0)
(0)
(0)
Profit after tax & minorities
34,511
33,196
36,414
40,832
45,375
Reported net profit
34,511
33,196
36,414
40,832
45,375
Recurring net profit
34,511
33,196
36,414
40,832
45,375
Source: Company data, RHB
Balance Sheet Employment
Dec-13
Dec-14
Dec-15F
Dec-16F
Dec-17F
Net cust loans/assets (%)
65.8
66.7
66.5
68.1
69.5
Net earning assets / assets (%)
93.3
92.9
92.9
93.6
94.1
Non-earning assets/assets (%)
6.7
7.1
7.1
6.4
5.9
87.6
84.9
84.3
85.8
87.2
Net cust loans/cust deposits (%)
Equity / assets (%)
8.2
8.5
8.7
9.0
9.3
Equity / gross cust loans (%)
12.0
12.2
12.5
12.6
12.8
Equity & provns / gross cust loans (%)
14.2
14.7
15.1
15.4
15.6
Asset risk weighting (%)
70.9
71.5
71.0
71.0
71.0
Liquid funds / cust deposits (%)
39.3
36.9
36.8
34.5
32.6
Prov. charge / cust loans (%)
0.8
0.8
0.7
0.7
0.7
Provision charge / avg assets (%)
0.5
0.5
0.5
0.5
0.5
Reported NPLs / net cust loans (%)
3.4
3.1
3.2
3.3
3.4
SP chg / avg cust loans (%)
(0.1)
(0.1)
(0.1)
(0.1)
(0.1)
GP charge / average cust loans (%)
(0.5)
(0.4)
(0.2)
(0.2)
(0.2)
Total provn chg / avg cust loans (%)
(0.6)
(0.5)
(0.3)
(0.3)
(0.3)
Reported NPLs / gross cust loans (%)
3.3
3.0
3.1
3.2
3.2
Total provisions / gross cust loans (%)
2.2
2.5
2.6
2.7
2.8
66.2
83.9
84.2
84.5
85.3
Total provisions / reported NPLs (%)
Source: Company data, RHB
See important disclosures at the end of this report
5
Krung Thai Bank (KTB TB)
22 January 2015
Financial Exhibits
Balance Sheet (THBm)
Dec-13
Dec-14
Dec-15F
Dec-16F
Dec-17F
1,711,090
1,897,995
2,014,880
2,186,000
2,370,000
Securities - total
241,783
262,116
285,500
298,500
314,500
Other interest earning assets
448,572
456,541
481,140
485,500
488,000
2,401,446
2,616,652
2,781,520
2,970,000
3,172,500
Total gross loans
Total gross IEAs
Total provisions
(61,807)
(71,146)
(79,696)
(89,146)
(98,346)
Net loans to customers
1,649,283
1,826,849
1,935,184
2,096,854
2,271,654
Total net IEAs
2,339,639
2,545,506
2,701,824
2,880,854
3,074,154
Cash & accrued interest
55,337
79,779
84,097
65,384
53,046
Tangible fixed assets
26,799
27,745
29,150
30,850
32,500
3,848
4,188
4,188
4,188
4,188
81,210
82,133
90,237
97,087
103,492
Intangible assets
Other assets
Total non-IEAs
167,194
193,845
207,672
197,509
193,226
Total assets
2,506,833
2,739,351
2,909,497
3,078,363
3,267,380
Broad deposits
2,084,770
2,313,656
2,460,312
2,607,500
2,765,500
138,696
109,691
109,850
110,620
110,850
2,223,466
2,423,347
2,570,162
2,718,120
2,876,350
Other non-interest bearing liabilities
77,276
83,852
87,625
83,785
87,180
Total non-IBLs
77,276
83,852
87,625
83,785
87,180
Total liabilities
2,300,743
2,507,198
2,657,787
2,801,905
2,963,531
Other interest-bearing liabilities
Total IBLs
Share capital
Retained earnings reserve
Other reserves
Shareholders' equity
Minority interests
Other equity
Total equity
Total liabilities & equity
72,005
72,005
72,005
72,005
72,005
113,252
139,314
158,871
183,619
211,011
20,834
20,834
20,834
20,834
20,834
206,090
232,153
251,709
276,458
303,850
0
0
0
0
0
(0)
(0)
(0)
(0)
(0)
206,090
232,153
251,709
276,458
303,850
2,506,833
2,739,351
2,909,497
3,078,363
3,267,380
Source: Company data, RHB
Key Ratios
Dec-13
Dec-14
Dec-15F
Dec-16F
Dec-17F
Cust deposit growth (%)
13.0
14.2
6.7
6.5
6.5
Broad deposit growth (%)
12.1
11.0
6.3
6.0
6.1
Growth in IBLs (%)
10.5
9.0
6.1
5.8
5.8
Return on IEAs (%)
4.9
4.7
4.7
4.8
4.8
Cost of funds (%)
2.2
2.1
2.2
2.2
2.3
Net interest spread (%)
2.7
2.6
2.6
2.6
2.6
Net interest margin (%)
2.8
2.8
2.7
2.7
2.8
Interest return on average assets (%)
2.7
2.6
2.6
2.6
2.7
17.7
15.1
15.1
15.5
15.6
Return on average equity (%)
Return on average assets (%)
1.4
1.3
1.3
1.4
1.4
EPS growth (%)
25.5
(3.8)
9.7
12.1
3.7
Bv per share growth (%)
12.7
12.6
8.4
9.8
2.6
Operating profit growth (%)
17.6
(2.1)
8.7
10.3
10.1
Source: Company data, RHB
See important disclosures at the end of this report
6
Krung Thai Bank (KTB TB)
22 January 2015
SWOT Analysis
 Being 55% owned by the Government via the
Financial Institutions Development Fund (FIDF), KTB
has a captive position in current account, savings
account (CASA) and government loans
 Competition
from specialised
financial
institutions in
the deposit
market
 Risk of the bank
being required
to do national
service during
challenging
times
 Resumption of
government
investments in
major
infrastructure
projects would
result in greater
lending
opportunities
 Loan loss reserve ratio of 127% (Dec 2013) is lower
than the 140% of other large Thai banks
 Tier-1 capital ratio of 10.6% at end-Dec 2014 is
weaker than major Thai banks' c.14-15%
P/E (x) vs EPS growth
P/BV (x) vs ROAE
12
35%
10
1.8
18%
1.6
18%
1.4
17%
1.2
17%
1.0
16%
0.8
16%
0.6
15%
0.4
15%
0.2
14%
0.0
14%
28%
8
20%
6
13%
4
5%
P/E (x) (lhs)
EPS growth (rhs)
Source: Company data, RHB
P/B (x) (lhs)
Jan-17
Jan-16
Jan-15
Jan-17
Jan-16
Jan-15
Jan-14
-10%
Jan-13
0
Jan-14
-3%
Jan-13
2
Return on average equity (rhs)
Source: Company data, RHB
Company Profile
Krung Thai Bank (KTB) is Thailand's second-largest commercial bank and the largest state-owned bank by asset size. Traditionally a
corporate lender, KTB is diversifying into small and medium enterprise (SME) and retailing lending, and growing its non-interest income
via offerings of remittances services, cards, bancassurance and forex products.
See important disclosures at the end of this report
7
Krung Thai Bank (KTB TB)
22 January 2015
Recommendation Chart
Price Close
26.0
25.1
20.5
25.5
28.3
32.8
22.1
27.1
26.8
22.1
16.1
18.4
Recommendations & Target Price
na
32.1
22.1
17.1
12.1
Buy
7.1
Jan-10
Neutral
Sell
Apr-11
Trading Buy
Aug-12
Take Profit
Not Rated
Nov-13
Source: RHB, Bloomberg
Date
Recommendation
Target Price
Price
2015-01-06
Buy
26.0
21.4
2014-10-22
Buy
26.0
22.5
2014-10-08
Buy
26.0
23.2
2014-09-09
Buy
25.1
23.9
2014-07-22
Buy
25.1
22.2
2014-04-29
Buy
25.5
18.2
2014-04-08
Neutral
20.5
18.7
2013-07-24
Buy
28.3
19.0
2013-07-08
Buy
28.3
18.9
2013-04-23
Buy
32.8
24.2
Source: RHB, Bloomberg
See important disclosures at the end of this report
8
RHB Guide to Investment Ratings
Buy: Share price may exceed 10% over the next 12 months
Trading Buy: Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain
Neutral: Share price may fall within the range of +/- 10% over the next 12 months
Take Profit: Target price has been attained. Look to accumulate at lower levels
Sell: Share price may fall by more than 10% over the next 12 months
Not Rated: Stock is not within regular research coverage
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Thai Institute of Directors Association (IOD) – Corporate Governance Report Rating 2014
Excellent
BAFS
BCP
BTS
CPN
EGCO
GRAMMY
HANA
INTUCH
IRPC
IVL
KBANK
KKP
KTB
MINT
PSL
PTT
PTTEP
PTTGC
SAMART
SAMTEL
SAT
SC
SCB
SE-ED
SIM
SPALI
TISCO
TMB
TOP
Very Good
AAV
ACAP
ADVANC
ANAN
AOT
ASIMAR
ASK
ASP
BANPU
BAY
BBL
BECL
BIGC
BKI
BLA
BMCL
BROOK
CENTEL
CFRESH
CIMBT
CK
CNT
CPF
CSL
DELTA
DRT
DTAC
DTC
EASTW
EE
ERW
GBX
GC
GFPT
GUNKUL
HEMRAJ
HMPRO
ICC
KCE
KSL
LANNA
LH
LHBANK
LOXLEY
LPN
MACO
MC
MCOT
NBC
NCH
NINE
NKI
NMG
NSI
OCC
OFM
PAP
PE
PG
PHOL
PJW
PM
PPS
PR
PRANDA
PS
PT
QH
RATCH
ROBINS
RS
S&J
SAMCO
SCC
SINGER
SIS
SITHAI
SNC
SNP
SPI
SSF
SSI
SSSC
STA
SVI
TCAP
TF
THAI
THANI
THCOM
TIP
TIPCO
TK
TKT
TNITY
TNL
TOG
TRC
TRUE
TSTE
TSTH
TTA
TTW
TVO
UAC
VGI
VNT
WACOAL
Good
2S
AF
AH
AHC
AIT
AJ
AKP
AKR
AMANAH
AMARIN
AMATA
AP
APCO
APCS
AQUA
ARIP
AS
ASIA
AYUD
BEAUTY
BEC
BFIT
BH
BJC
BJCHI
BOL
BTNC
BWG
CCET
CGD
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CHOW
CI
CKP
CM
CMR
CSC
CSP
CSS
DCC
DEMCO
DNA
EA
ESSO
FE
FORTH
FPI
GENCO
GL
GLOBAL
GLOW
GOLD
HOTPOT
HTC
HTECH
HYDRO
IFS
IHL
INET
IRC
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KBS
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L&E
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LST
MAJOR
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MATCH
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TMI
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TUF
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UMI
UP
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UT
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UWC
VIH
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WHA
WIN
WINNER
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เปลี่ยนแปลงได้ภายหลังวันดังกล่าว ทัง้ นี้บริษัทหลักทรัพย์ อาร์เอสบี โอเอส เค จากัด (มหาชน) มิได้ยืนยันหรือรับรองถึงความถูกต้องของผลการสารวจดังกล่าวแต่อย่างใด